Market Update Report Oct.9

Panic in the market. In the last 24 hours, altcoins have been dropping, losing all possible support, against the sharp rise in Bitcoin. Only a few Alts have survived despite Bitcoin’s surge last week. In the past few hours there has been a balanced trend and the declines have stopped. In total, the alts lost an average of about 25% of their value against the Bitcoin. In contrast to that, Bitcoin breaks the resistance at the $4,400 levels and continues upward to the rates of over $4,700.

The dispute in Bitcoin: Industry companies have begun to take a stand on the fork that is expected to take place in mid-November.

It seems that some of the involved personnel are retracted from the New York agreement (the New York agreement: the condition that if SegWit is activated on August 2017, then on November 2017 the real fork will occur and will increase the size of the block from one MBs into two MBs and will reduce the load on the Bitcoin network).

The crypto market continues to grow and rise:

Although the Altcoins have fallen strongly in the past two weeks, the Market Cap (crypto market size) has grown,as the money does not come out of the market, but rather makes its way from Altcoins to Bitcoin. Bitcoin is already returning to represent 50% of the dominance:

The rapid decline in the Altcoins market caught most of the players when they were not ready. Everything happened very quickly, and investors are looking for reasons. Some can be explained by the fact that on October 25 a friendly fork will occur in Bitcoin named Bitcoin Gold or BGold. Similar to the previous fork, anyone holding Bitcoin on the said day will receive coins in the new B-Gold chain according to the quantity of Bitcoin that he held.

Unlike previous forks, such as Bitcoin Cash or SegWit2x (scheduled for November), B-Gold chose a different mining method from Bitcoin – using GPU graphics cards. This indicates that the Bitcoin network will not be affected nor lose mining power

ICOs are refusing to calm down. This week we also seen successful fundraising of tens of millions of dollars, which ended in a few hours. For example: PayPie (ERC-20 token) on the network of Ethereum and RedPulse, which was issued on the NEO platform. The first token sale on NEO led to a quick sharp rise in the exchange rate of NEO, which did not hold water because of the sharp rise in Bitcoin and also because many bought NEO to participate in the token sale of Red Pulse and got stuck with it.

It is important to note that a large proportion of the token issuances that have been traded recently have lost in terms of investment. Investors should take extra care and carefully examine their investments.

In addition, this week a phenomenon began with the distribution of tokens on the Ethereum network. eBTC, eLTC, eXMR and so on. The amazing thing here, is that the distribution was done by listing basic details and the coins were already attached to the EtherDelta, a decentralized trading arena. You cannot argue with results – eBTC has risen hundreds of percents, created money from air to satisfied investors. for further details:

We’ll end with a Countdown towards the November fork: more updates and fork estimates – to come….

Bitcoin

As said before, the Bitcoin continues to rise during the past week. The support is around $ 4400, but the market seems to be going up. The reason is probably due to the planned fork, we all remember the profitable results of the 1st of August fork.

The graph shows the tunnel being built and the target price around 4800 we are getting very closer there.

Ethereum

Vs. the BTC – Etherem maintains ground level around 0.065BTC. Ethereum Had lost 5% of its value against Bitcoin in the past 24 hours but still looks strong. The test of support is in these levels, which are the lowest areas of Ethereum vs. Bitcoin recently.

Against the USD, the graph looks positive. We have seen a double top, but stability is gained above $ 300.

STEEM

Trading vs. Bitcoin looks negative, similar to the negative trend in the Alts. We are approaching areas of the lowest levels in May. Support lies at 0.00023BTC with strong resistance around 0.0003BTC Are we in the bottom?

STRAT

The coin is in a clear downward trend. Every time there was a stabilization attempt, the value broke down again and again. Until we reached the point (marked in the graph) of the values before the big rise of STRAT.

NEO

Huge volatility in the Neo graph. Since the pump, the NEO has not been stabilized yet and there seems to be areas of demand around the support level at 0.005 BTC. Strong resistance is around 0.008BTC. In the range between them, the graph is very volatile.

Vs. the dollar the value of NEO is positive and trades around $ 30 at the moment.

About CryptoPotato

Disclaimer

Recommendations and Information found on Cryptopotato are those of writers quoted. It does not represent the opinions of Cryptopotato on whether to buy, sell or hold any investments. Investors should be cautious about any recommendations given. All investors are advised to conduct their own independent research into individual coins before making a purchase decision. Use information at your own risk.